Peter Thiel-backed crypto exchange Bullish has filed for an initial public offering (IPO) aimed at raising up to $100 million and plans to list its shares on the New York Stock Exchange (NYSE) under the ticker “BLSH.”

The firm, which operates both the Bullish digital exchange and the news platform CoinDesk, reported a net loss of $348.6 million for Q1 2025 in its S-1 filing. It marks a significant downturn from its $104.8 million profit the previous year.

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Still, the filing comes amid renewed investor interest in the crypto sector. The offering will be underwritten by Wall Street giants J.P. Morgan, Jefferies, Citigroup, Cantor Fitzgerald, Deutsche Bank, and Societe Generale.

Bullish said its total trading volume has exceeded $1.25 trillion since launch.